NIFTY prediction for tomorrow 15 Apr 24

13 апр.

As we discussed NIFTY yesterday, it opened a gap-down and then continued the momentum.
If we look at the chart:
The market has broken the pattern to the downside. There is 200-ema support at the downside. I am expecting to take a little bounce back (consolidation) and then continue the bearish momentum. 22385 is going to provide very nice PA support.
All important levels are marked on the chart.
If we look at the OI data:
PCR = 0.71, which shows neutral market sentiments. However, in the past three days, OI activity PCR has been falling gradually from 1.34 -> 1.18 -> 0.7. which shows bears are increasing their position in the market very actively. There is not much of the support downside right now. The market may continue the momentum after a little bit of consolidation.
The bulls are very weak at this point.
I am expecting the market to open a gap-down near 200 EMA and then touch 13 EMA after that fall.

Reasons:

1. EMA(200) < Price < EMA(13), which indicates Weak bulls structure in the market. (Bearish)
   
2. RSI < 40 shows strong bears' power. (Bearish)
   
3. PCR = 0.71, which has been falling rapidly from 1.34. shows bears are actively increasing their position size. (Bearish)
   
4. Price < VWAP shows a bearish market structure. (Bearish)
   

Verdict: Bearish
Plan of Action: Wait for 13 EMA to touch, then sell 22500 PE (Hedge it with 15/- Premium)